You have found the perfect property to rent, it is in the right area, the rent is affordable, but you just cannot pay the deposit. What can you do?
Local authority bond schemes
The best thing to do is to see if there is a deposit or bond scheme in your area which can help. Local authorities will often help, either by
- loaning you the the money to pay over to the landlord, or
- offering a cashless bond scheme where the landlord is given a guarantee
Many local authorities run bond schemes. Have a word with the Housing Officer at your local authority, or also speak to your Citizens Advice Bureau who will be able to tell you about the schemes in your area.
Getting a guarantee from a relative
Sometimes you may be able to persuade a landlord to let you rent a property without a deposit, if you can get someone to sign a deed of guarantee. This means that if you don’t pay your rent, or damage something in the property, the landlord can write to them and require them to pay the money due from you.
Getting a credit union loan
Many credit unions offer excellent services for people who do not have any other financial resources. For example, they may be able to loan you the money you need. Again, your Citizens Advice Bureau will have details of the Credit Unions in your area.
If you have had any experience of local authority bond schemes or had help from a credit union, please do leave a comment on your experience as this may help others in this position.
See more help for tenants on Landlord Law.